PSE Circular for Brokers No. 1919-98

August 18, 1998 PSE CIRCULAR FOR BROKERS NO. 1919-98 August 15, 1998 The Philippine Stock Exchange Philippine Stock Exchange Center Exchange Road, Pasig City Attention: Surveillance and Compliance Department Gentlemen : In connection with the disclosure that we made last evening, informing you that Round Peak Realty & Development Corporation ("Round Peak") entered into an Agreement to Subscribe to shares of stock of Balabac Resources & Holdings Co., Inc. ("Balabac"), we wish to add that the total subscriptions of Round Peak to shares of stock of Balabac would amount to an aggregate par value of Two Billion Thirty Eight Million Pesos (P2,038,000,000), upon the approval by the Securities and Exchange Commission of the increase in the authorized capital stock of Balabac to Two Billion Five Hundred Million Pesos (P2,500,000,000). The subscriptions of Round Peak would consist of subscriptions to the present unissued shares amounting to an aggregate par value of P538,000,000 and subscriptions to the entire increase in authorized capital stock in the aggregate par value of P1,500,000,000. LLjur As pointed out in last evening's disclosure, the subscriptions would be paid for at the Closing by means of a transfer of a parcel of land to Balabac located at the Coastal Road, Bacoor, Cavite consisting of two hundred ten thousand seven hundred sixty two (210,762) square meters, more or less. Very truly yours, (SGD.) ROLANDO F. DEL CASTILLO Corporate Secretary